When I see articles like this in the Wall Street Journal, I have to think the market is at an important inflection point….
Mark Penn writes:
In these uncertain times, most people are seeking protection and safety from the prospect of even more economic turbulence. But another group is going bungee-jumping into the middle of the financial crisis — bravely increasing their investments even as the markets and the financial system collapse and gloomy predictions abound.
These “Fearless Freddies” are the ones who had the stomach to invest in Citigroup when its share price dipped below a dollar. They are the ones buying oil (and oil stocks) as it hits new lows. They are down in Florida looking for condos and checking out the foreclosures. They are either the smartest people in this changed economy — or the dumbest.
Unlike the “New Mattress Stuffers” I wrote about in December, who are loading up on guns, gold and home safes, these investors are hoping that a comeback will come more quickly than most experts expect — a comeback they hope will make them rich.